Grayscale Investments Reveals That It Is Holding Ethereum Classic Worth $90 Million

Cryptocurrency investments fund, Grayscale has revealed that it is holding Ethereum Classic (ETC) worth $90 million. ETC is a public, open source, distributed computing network that is based on the blockchain technology. Moreover, it entails a smart contract features and has since been added on the Coinbase platform.

Grayscale Investments is a trusted investment fund that focuses its investments on cryptocurrency. It was started by Digital Currency Group in 2013. The investment firm offers safe access to the cryptocurrency asset category via its one asset as well as its various investment products. Such products include Bitcoin Investment Trust, Digital Large Cap Fund, and Ethereum Classic Investment Trust.

Holding crypto assets

Grayscale Investments is currently holding via its investment products, more than $1.5 billion in crypto assets, according to a Tweeter statement. This is a significant rise compared to the $1.4 billion it reported in the month of July. Even though Bitcoin (BTC) is the fund?s major token standing at $1.38 billion, Ethereum Classic is the second biggest asset that the firm holds currently. The investment fund mainly focuses on institutional investors.

ETC price has been steadily rising from $14 to past the $20 price mark. At the same time, people have been buying the token making it attain a market cap of more than $2 billion albeit, momentarily. These might be the contributing factors that have led Grayscale in having ETC as their second largest asset.

Meanwhile, AltDex 100 Index which is a large cap digital currencies and coins? standard index, has currently ranked ETC at position 11. As a result, it has overtaken other major digital coins such as Monero (XMR) and NEO (NEO).

Released performance report

At the same time, Grayscale has released its first report on its Digital Asset Investment performance for 2018?s first half period. As per the report, in spite of, the market declining the investment firm?s products have managed to register an increase in the said period.

Grayscale has witnessed a jump of almost $250 million in the first half, realizing an average investment of nearly $9.55 million per week. This is the first time the company has registered such a strong performance.

Ruchi Gupta works as a freelancer covering various beats from finance to technology and from lifestyle to hobbies. She has an MBA in Finance. Ruchi enjoys writing on celebrities and political news. She likes traveling and exploring places.